Using Data Analytics To Gain Business Competitiveness
In the world of business, serious businesses can gain significant competitive advantages over other businesses by implementing analytics for better decision making. Analytics involves the collection, organization, and analysis of data to gain insight that will improve decision making. Many businesses have started implementing analytics in their daily business activities to gain an advantage over their competitors in the marketplace.

How can your business benefit from analytics?

For your business to benefit from analytics, you have to digitize your business processes. Digitizing daily business activities can provide troves of information that can be used for analytics. Data is the new oil and digitization helps in generating data that can be used for predictive and advanced analytics. For instance, in the retail sector, data analytics can be used to extract information about buying habits and trends of consumers, which enables companies to accurately predict demand fluctuations and prepare in advance, this gives them a massive edge over their competitors.


In Finance, Financial companies can take advantage of machine learning techniques to find patterns and identify anomalies which can help in preventing fraud. Companies can also use tree-based models to understand consumer behavior and centricity. In Aviation Industry, airlines can apply clustering techniques on ticket bookings to segment customers and offer personalized customer service while optimizing the price using machine learning techniques.

In Health Care, Data analytics can help in reducing health care costs by predicting which patient is at a higher risk for disease, this gives room for early intervention and effective decision making. In Insurance, data analytics is changing the insurance industry. With the help of machine learning techniques, Insurance companies can detect fraudulent claims before hefty payouts are made.


Source : https://www.factual.ng/using-data-analytics-to-gain-business-competitiveness.html